Bangko Sentral ng Pilipinas (BSP)-supervised financial institutions (BSFIs) have one year to implement reputational risk management in their operations, according to the monetary authorities.

In a statement on Friday, the central bank announced its policy-making Monetary Board approved the guidelines on reputational risk management, which set out the supervisory expectations for BSFIs on the identification, assessment and management of reputational risks that are commensurate to their size, nature, complexity of operations, overall risk profile and systemic importance.